MIRA
INFORM REPORT
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Name :
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IVRCL LIMITED
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Registered
Office :
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M-22, 3RT, Vijaya Nagar Colony, Hyderabad
– 500057, Andhra Pradesh
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Country :
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India
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Financials (as
on) :
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31.03.2011
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Date of
Incorporation :
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16.11.1987
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Com. Reg. No.:
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007959
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Capital
Investment / Paid-up Capital :
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Rs.534.020 Millions
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CIN No.:
[Company Identification
No.]
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L45201AP1987PLC007959
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TAN No.:
[Tax Deduction &
Collection Account No.]
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HYDI01786B
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PAN No.:
[Permanent Account No.]
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AAACI5139B
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Legal Form :
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A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange.
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Line of Business
:
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The company engaged in the business of development and execution of
engineering, procurement, construction and commissioning (EPCC), and lump sum
turn key (LSTK), facilities in various infrastructure projects like water
supply, roads and bridges, townships, and industrial structural, power
transmission etc.
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No. of Employees
:
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6271 (Approximately)
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RATING
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STATUS
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PROPOSED CREDIT LINE
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56-70
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A
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Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums
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Fairly Large
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Maximum Credit Limit :
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USD 79490000
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Status :
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Good
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Payment Behaviour :
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Regular
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Litigation :
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Clear
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Comments :
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Subject is a well established and reported company having final track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments.
The company can be considered good for normal business dealings at
usual trade terms and conditions.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name
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Previous Rating
(30.06.2011)
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Current Rating
(30.09.2011)
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India
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A1
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A1
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Risk Category
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ECGC Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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Registered Office :
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M-22, 3RT, Vijaya Nagar Colony, Hyderabad
– 500057, Andhra Pradesh
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Tel. No.:
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91-40-23343678/3550/5130/8467
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Mobile No.:
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Fax No.:
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91-40-23345004
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E-Mail :
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bs_cs@ivrinfra.com
mishradp@ivrinfra.com
anjaneyulus@ivrinfra.com
info@ivrinfra.com
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Website :
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www.ivrcl.com
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Corporate Office :
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'MIHIR', H.No. 8-2-350/5/A/24/1B, Road No. 2, Banjara
Hills, Hyderabad -500 034, Andhra
Pradesh, India
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Tel. No.:
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91-40-3093 1111/1444
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Fax No.:
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91-40-2335 6693
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Regional Office :
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Located at:
DELHI
'The Corenthum', Tower B, A 41, 1st Floor, Lobe: 4, Sector
62, Noida - 201 307, Uttar Pradesh,
India
Tel.: 91-120-300 6000 / 6200
Fax: 91-120-300 6201
Email: ivrcldelhi@ivrinfra.com
TAMILNADU
Door No. 30 A, South Phase, 6th Cross Road, Thiru Vika
Industrial Estate
Guindy, Chennai - 600 032, Tamilnadu, India
Tel.: 91-44-222 566 12-15, 17-20
Fax: 91-44-222 573 48
Email: ivrclchennai@ivrinfra.com
KARNATAKA
No.438, 1st Floor, 18th Main, 6th Block, Koramangala, Bangalore - 560 095, Karnataka, India
Tel.: 91-80-2563 4966
Fax: 91-80-2550 1539
Email: ivrclbro@ivrinfra.com
MAHARASHTRA
IVRCL House, 35, Suyojana, C.H.S., Koregaon
Park, Pune - 411 001, Maharashtra, India
Tel.: 91-20- 3057 9100
Fax:91-20-3057 9299/2605 0104
Email: ivrclpune@ivrinfra.com
GUJARAT
314 & 315, 3rd Floor, CAMPS Corner – II, Opp. Prahalad
Nagar Garden
100 feet road, Prahalad Nagar, Ahmedabad - 380 015, Gujarat, India
Tel.: 91-79-4008 6902/03
Fax: 91-79-4008 6901
Email: ivrclahmedabad@ivrinfra.com
WEST
BENGAL
Aakash Towers, Unit 3A, 3rd Floor, 781, Anandapur, Kolkata
- 700 107, West Bengal, India
Tel.: 91-33-3013 1600
Fax: 91-33-3013 1799
Email: ivrclkolkata@ivrinfra.com
UTTAR PRADESH
2/310, Vishal Khand, Gomti Nagar, Lucknow
- 226 010, Uttar Pradesh,
India
Tel.: 91-522-409 7500
Fax: 91-522-409 5629
Email: ivrcllucknow@ivrinfra.com
RAJASTHAN
H.No. 708, Maruti Marg, Hanuman Nagar Extension, Jaipur –
302012, Rahasthan, India
Tel: 91-141-235 6797, 517 9870
Fax: 91-141-235 4910
Email: ivrcljaipur@ivrinfra.com
KERALA
No.VII/719D, Plot No.180, Mavelipuram Colony, Kakkanadu, Kochi - 682 030, Kerala,
India
Tel.: 91-484-242 5486/272
Fax: 91-484-242 8260
Email: ivrclcochi@ivrinfra.com
CHATTISGARH
C 170, Shailendar Nagar, Opp.
Ratan Palace,
Katora Talab, Raipur - 492 001, Chattisgarh, India
Tel.: 91-771-407 2016
Fax: 91-771-405 3878
Email: ivrclraipur@ivrinfra.com
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Sub Regional Office :
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Located at :
ANDHRA PRADESH
D.No. 50-1-41/B, 2nd Floor, ASR Nagar, Seetamma
Dhara, Visakhapatnam
- 530 013, Andhra Pradesh,
India
Telefax: 91-891-272 2317
Email: ivrclvsro@ivrinfra.com
BIHAR
H.No. 14, Flat No. A1, Kamta Sadan Apartments, Kamta Singh
Kam Lane, East Boring Canal Road, Patna - 800 001,Bihar, India
Tel: 91-612-645 1252
Tele fax: 91-612-252 0257
Email: ivrclpatna@ivrinfra.com
CHATTISGARH
S.S.Saini Complex, Plot No. 129, Opp. Ganesh Sweets,
Bajranj Chowk, Rajiv Vihar, Rajkishore Nagar, Bilaspur- 495 006, Chattisgarh,
India
Tele fax: 91-7752-404 628
Email: ntpbkre@ivrinfra.com
KARNATAKA
Water Business Unit, House No.9, Sreeshakthi, Shanthivana,
3rd cross, Opposite Lakeside Habitat Tower, Main Gate, Kodegahalli, Bangalore
- 560 092
Tel: 91-80-2362 7288
Fax: 91-80-4209 0319
Email: browater@ivrinfra.com
Madhya Pradesh
House No. 02, Janki Bunglow, Opp.
Suyash Hospital, Bhopal – 462016, Madhya Pradesh, India
Tele fax: 91-755-242 4654
Email: ivrclbhopal@ivrinfra.com
House No. WB 116, Scheme no. 94, Behind Bombay Hospital
Near HDFC Bank Ltd., Sector-B, Indore - 452 010
Tele fax: 91-731-423 7204
JHARKHAND
Power Division: House No.185/C, Vidyalaya Marg, Road No.4
Ashok Nagar, Ranchi - 834 002, Jharkhand, India
Tel: 91-651-224 4315
Fax: 91-651-224 4314
Email: ranchi@ivrinfra.com
Water Division: Block No. 498/B, Road No.4, Mandir Marg,
Ashoknagar, Ranchi - 834 002, Jharkhand, India
Tele fax: 91-651-224 5714
Email: ivrclrachi@ivrinfra.com
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International Office :
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Flat No. 1601, 16th Floor, Al Niyadi Building, Delma
Street, P.O. Box 105357, Airport Road, ABU DHABI
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Tel. No.:
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+971-2-643 9439
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Fax No.:
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+971-2-643 94383
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E-Mail :
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ivrclabudhabi@ivrinfra.com
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International Office :
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P.O.Box
186848, Flat No-610, Al Barsha Business, Near Mall of
Emirates, DUBAI
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Tel. No.:
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+971-4-399 0416
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Fax No.:
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+971-4-3990 417
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E-Mail :
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ivrcldubai@ivrinfra.com
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AS ON 31.03.2011
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Name :
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E. SUDHIR REDDY
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Designation :
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Chairman
& Managing Director
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Name :
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E. SUNIL REDDY
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Designation :
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Vice
Chairman
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Name :
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R. BALARAMI REDDY
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Designation :
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Executive
Director - Finance & Group CFO
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Name :
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K. ASHOK REDDY
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Designation :
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Executive
Director
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Name :
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E. ELLA REDDY
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Designation :
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Director
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Name :
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T.N. CHATURVEDI
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Designation :
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Director
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Name :
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T.R.C.BOSE
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Designation :
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Director
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Name :
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P.R. TRIPATHI
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Designation :
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Director
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Name :
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Dr. S.K.GUPTA
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Designation :
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Director
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Name :
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Dr. L. SRINIVASA REDDY
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Designation :
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Director`
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Name :
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B.SUBRAHMANYAM
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Designation :
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Company
Secretary
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
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Names of Shareholders
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No. of Shares
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Percentage of
Holding
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(A) Shareholding of
Promoter and Promoter Group
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(1) Indian
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Individuals / Hindu Undivided Family
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22044304
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8.26
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Bodies Corporate
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7807274
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2.92
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(2) Foreign
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(B) Public Shareholding
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1) Institutions
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Mutual Funds / UTI
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11987587
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4.49
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Financial Institutions / Banks
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1870052
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0.70
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Insurance Companies
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578642
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0.22
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Foreign Institutional Investors
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99078575
|
37.11
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(2) Non-Institutions
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Bodies Corporate
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55308848
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20.71
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Individuals
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Individual shareholders holding nominal share capital up
to Rs. 1 lakh
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54370942
|
20.36
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Individual shareholders holding nominal share capital in excess
of Rs. 1 lakh
|
5171692
|
1.94
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Any Others
(Specify)
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Clearing Members
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5189857
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1.94
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Non Resident Indians
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3596007
|
1.35
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Foreign Corporate Bodies
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3428
|
--
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Trusts
|
2650
|
--
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(C) Shares held by Custodians
and against which Depository Receipts have been issued
|
--
|
--
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Total
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267009858
|
100.00
|
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Line of Business :
|
The company engaged in the business of development and execution of
engineering, procurement, construction and commissioning (EPCC), and lump sum
turn key (LSTK), facilities in various infrastructure projects like water
supply, roads and bridges, townships, and industrial structural, power
transmission etc.
|
|
|
|
|
Products :
|
Galvanised Steel Structure
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars
|
Unit
|
Licensed
Capacity
|
Installed
Capacity
|
Actual
Production
|
|
Galvanised Steel Structure
|
MT
|
24000
|
24000
|
16318.82
|
|
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Customers :
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Public Sector
Client
- Oil
and Natural Gas Corporation Limited
- Bharat
Heavy Electrical Limited
- National
Thermal Power Corporation Limited
- Nuclear
Power Corporation of India Limited
- Bharat
Petroleum Corporation Limited
- Indian
Oil Corporation Limited
- Power
Grid Corporation of India
Private Sector
Client
- Birla
Institute of Technology and Science
- DLF
Akruti Info Parks (Pune) Limited
- Brandix India Apparel
City (Private)
Limited
- Telco
Construction Equipment Company Limited
- TATA
Projects Limited
- Jindal
Steel and Power Limited
- Tata
Docomo
- Tata
Cummins
Central and State
Government Clients
·
Airports Authority of India
·
Indian Railways
·
Ministry of Defence
·
Central Public Works Department
·
National Highways Authority of India
·
Konkan Railway Corporation Limited
·
National Buildings Construction
Corporation Limited
·
Chennai Metropolitan Water Supply and
Sewerage Board
·
Gujarat
Water Supply and Sewerage Board
·
Hyderabad
Metro Water Supply and Sewerage Board
·
Karnataka Neevari Nigam Limited
·
Delhi Jal
Board
·
Gujarat Water Infrastructure Limited
·
Kolkata Environment Project
·
Karnataka Urban Water Supply and
Drainage Board
|
|
|
|
|
No. of Employees :
|
6271 (Approximately)
|
|
|
|
|
Bankers :
|
- Allahabad
Bank
- Andhra
Bank
- Bank
of Baroda
- Bank
of India
- Bank
of Nova Scotia
- Barclays
Bank
- Canara
Bank
- Central
Bank of India
- Corporation
Bank
- DBS
Bank
- Dena
Bank
- Deutsche
Bank
- Export
Import Bank of India
- Federal
Bank Limited
- HDFC
Bank Limited
- ICICI
Bank Limited
- IDBI
Bank
- Indian
Overseas Bank
- Indusind
Bank Limited
- ING
Vysya Bank Limited
- Karur
Vysya Bank Limited
- Kotak
Mahindra Bank Limited
- Punjab and Sind Bank
- Standard
Chartered Bank
- State
Bank of India
- Syndicate
Bank
- Tamilnadu
Mercantile Bank
- UCO
Bank
- Union
Bank of India
- Yes
Bank Limited
|
|
|
|
|
Facilities :
|
|
Secured Loan
|
As on
31.03.2011
(Rs. in
Millions)
|
As on
31.03.2010
(Rs. in
Millions)
|
|
Debenture
|
3050.000
|
3050.000
|
|
Term Loan From Bank
|
1163.130
|
504.610
|
|
Earth Moving Equipment and Vehicle Loan
|
0.000
|
0.000
|
|
From Banks
|
6.200
|
19.150
|
|
From Others
|
84.210
|
11.610
|
|
Working Capital Loan
|
0.000
|
0.000
|
|
Working Capital Demand Loans from Consortium of Banks
|
8043.530
|
7449.020
|
|
Project Specific Working Capital Loans from Banks
|
3947.690
|
1653.660
|
|
Total
|
16294.760
|
12688.050
|
|
|
|
Unsecured Loan
|
As on
31.03.2011
(Rs. in
Millions)
|
As on
31.03.2010
(Rs. in
Millions)
|
|
8.75% Redeemable, Non Convertible Debenture
|
0.000
|
150.000
|
|
Short Term Loan
|
|
|
|
From Banks
|
4663.320
|
2953.970
|
|
Foreign Currency Convertible Bonds
|
0.000
|
341.210
|
|
Total
|
4663.320
|
3445.180
|
|
|
Banking
Relations :
|
--
|
|
|
|
|
Internal Auditors :
|
|
|
Name :
|
T. Vijay Kumar
Charted Acountant
|
|
Address :
|
Plot #101, Jyothi Pride Apartments, P.S. Nagar, Masab Tank, Hyderabad – 500028, India
|
|
|
|
|
Name :
|
VCG and Company
|
|
Address :
|
203, Kushal Bazar, 32-33, Nehru
Place, New Delhi
– 110019, India
|
|
|
|
|
Statutory Auditors :
|
|
|
Name :
|
Chaturvedi and Partners
Chartered Accountant
|
|
Address :
|
212A, Chiranjeev
Towers 43, Nehru Place, New
Delhi, India
|
|
|
|
|
Name :
|
Deloitte Haskins & Sells
Chartered Accountant
|
|
Address :
|
1-8-384 and 385, 3rd Floor, Gowra Grand, Sardar Patel Road, Begumpet,
Secundrabad – 500003, Hyderabad,
India
|
|
|
|
|
Joint Venture :
|
·
Bhanu - IVRCL Associates
·
IVRCI. — Tantia (IV)
·
IVRCL, SEW and Prasad Hyderabad J.V
·
IVRCL, Navayuga and SEW Joint Venture
·
Navayuga, IVRCL and SEW joint Venture
·
IVRCL — Harsha (IV)
·
SPCL - IVRCLJV
·
IVRCL - IL (IV)
·
DAN Raju IVRCL Construction JV
·
IVRCL KBL(IV) Hyderabad
·
IVRCL KIlL MEIL(IV) Hyderabad
·
IVRCL CR28G (IV)
·
IVRCL.SEW & WPIL IjV) Hyderabad
·
IVRCL — MIlL (IV) Hyderabad
·
IVRCL BATPASCO WPIL and MHI (IV) Hyderahad
·
IVRCL BATPASCO ABB and AAG (IV) Hyderabad
·
IVRCL-CRl8GConsortium)J.V)
·
MEIL IVRCL HCC and WPIL (JV)
·
IVRCL— KIPL (JV)
·
IVRCL — RA) (IV)
·
UNIT’I’ * IVRCL joint Venture
·
IVRCL SAl SUDHIR (IV)
·
CR1 8G - IVRCL (IV)
·
IVRCL - SUSHEE joint Venture
|
|
|
|
|
Subsidiaries :
|
- IVRCL PSC
Pipes Private Limited
- IVR Enviro
Projects Private Limited
- IVRCL
Assets and Holdings Limited
- Hindusthan
Dorr-Oliver Limited
- Alkor
Petroo Limited
- IVRCL.
Steel Constructions and Services
- Jalandhar
Amritsar Tollways Limited
- Salem Tollways
Limited
- Kumarapalyan-s
T.csLlwas—L.imited
- Chennal
Water Desalination Limited
- First STP
Private Limited
- IVRCL
Building Products Limited
- HDO(UK)
Limited
- (formerly
IMCO (22010) Limited)
- Oavymarkham
Limited
- IVRCL
Indore Gujarat Tollways Limited
- IVRCL Chengapalli
Tollways Limited
- IVRCL
Holdings Services Pte. Limited
- SPB
Developers Private Limited
- Sion Panvel
Totlways Private Limited
- IVR Hotels
and Resorts Limited
- Geo IVRCL
Engineering Limited
- IVRCL Mega
Malls Limited
- HDO
Technologies Limited
- IVR Prime Developers
(Palakkad) Private Limited
- IVR Prime
Developers I Guindy ) Private Limited
- Gamas
Developers Private Limited
- Simhachalam
Prime Developers Private Limited
- Siripurarn
Developers Private Limited
- Kasibugga
Developers Private limited
- Vijayawada
Developers Private Limited
- Fluru
Developers Private Limited
- IVR Prime
Developers (Nellore)
Private Limited
- IVR Prime
Developers) Amalapuram) Private Limited
- IVR Prime
Developers (Erode) Private Limited
- IVR Prime
Developers ( Guntur)
Private Limited
- IVR Prime
Developers I Kakinada)
Private Limited
- IVR Prime
Developers (Araku I Private Limited
- IVR Prime
Developers I Pudukkuttai I Private Limited
- Absorption
Aircon Engineer Private Limited
- IVR Prime
Developers ( Vanaprastha) Private Limited
- IVR PUDL
Resorts & Clubs Private Limited
- IVR Prime
Developers (Thandiarpet) Private Limited
- IVR Prime
Developers (Gummidipundy) Private Ltd.,
- IVR Prime
Developers (Kodambakkarn) Private Limited
- IVR Prime
Developers (Arumbakkam I Private Limited
- IVR Prime
Developers lAnna Nagar) Private Limited
- IVRCL
Patalaganga Truck Terminals Pvt. Limited
- IVRCL Goc
Tollways Limited
- IVRCI.-Cadagua
Hogenakkal Water
- Treatment
Company Private Limited
- IVRCL
Chandrapur Tollways Limited
- IVRCL
International FZE
- Davymarkham
)India)
Private Limited
- Agaram Developers
Private Limited
- Papankuzhi
Developers Private Limited
- Mummidi
Developers Private Limited
- Samatteri
Developers Private Limited
- Duwda
Developers Private Limited
- Annupampattu
Developers Private Limited
- Kunriam
Developers Private Limited
- Tirumani Developers
Private Limited
- Ilavarnpedu
Developers Private limited
- Haripuram
Developers Private Limited
- Chodavaram
Developers Private Limited
- Vedurwada
Developers Private Limited
- Rudravaram
Developers Private Limited
- Gajuwaka
Developers Private Limited
- Ceo Prime
Developers Private Limited
- Theata
Developers Private Limited
- IVR Prime
Developers (Mylapore) Private Limited
- IVR Prime
Developers (Pallavaram 1 Private Limited
- IVR Prime
Developers (West Mambalam ) Private
Ltd.,
- Bibinagar
Developers Private Limited
- IVR Prime
Developers (Anakapalle) Private Limited
- IVR Prime
Developers (Rajampeta) Private Limited
- VR Prime
Developers (Tanuku) Private Limited
- VR Prime
Developers (Red Hills) Private Limited
- IVR Prime
Developers (Rajahmundry)
Private Limited
- IVR Prime Developers
(Tuni) Private Limited
- IVR Prime
Developers )Bobbilli) Private Limited
- IVR Prime
Developers (Bhimavaram) Private Limited
- GSVK
Manpower Supply and Services Private Limited
- (formerly
IVR Prime Developers (Valasaravakkam)
- Private
lid)
- IVR Prime
Developers (Adayar) Private Limited
- IVR Prime
Developers (Arranthapuram) Private Limited
- IVR Prime
Developers (Perumbadur) Private Limited
- IVR Prime
Developers (Egmore I Private Limited
- IVR Prime
Developers )Tambram) Private Limited
- IVR Prime
Developers (Ashram) Private Limited
- IVR Prime
Developers iRetiral Homes) Private Limited
- IVR Prime
Developers )Avadi) Private Limited
- yR Prime
Developers (Alwarpet) Private Limited
- VRCL
Multilevel Car Parking Private Limited
|
|
|
|
|
Associates :
|
- Viva Infrastructure
Pvt. Limited
- Paresh
Infrastructures Private Limited
- IVR Prime
IT SEZ Private Limited
- IVRCI.
International Infrastructures & Projects D.C
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares
|
Type
|
Value
|
Amount
|
|
|
|
|
|
|
2750000000
|
Equity Shares
|
Rs.2/- each
|
Rs.550.000 Millions
|
|
25000000
|
Preferences Share
|
Rs.2/- each
|
Rs.50.000 Millions
|
|
|
TOTAL
|
|
Rs.600.000
Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares
|
Type
|
Value
|
Amount
|
|
|
|
|
|
|
267009858
|
Equity Shares
|
Rs.2/- each
|
Rs.534.020 Millions
|
|
|
|
|
|
|
|
TOTAL
|
|
Rs.534.020
Millions
|
Notes:
Of the above
a)
18660500 shares of Rs.2 Each
represents after subdivision of 2732100 shares of the face value of Rs.10 each
by utilization of Rs.37.320 millions from general reserve
b)
133504929 shares of Rs.2
each by utilizing Rs.267.010 millions from general reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS
|
31.03.2011
|
31.03.2010
|
31.03.2009
|
|
SHAREHOLDERS FUNDS
|
|
|
|
|
1] Share Capital
|
534.020
|
534.020
|
267.010
|
|
2] Share Application Money
|
0.000
|
0.000
|
0.000
|
|
3] Reserves & Surplus
|
19339.650
|
17998.570
|
17838.760
|
|
4] (Accumulated Losses)
|
0.000
|
0.000
|
0.000
|
|
NETWORTH
|
19873.670
|
18532.590
|
18105.770
|
|
LOAN FUNDS
|
|
|
|
|
1] Secured Loans
|
16294.760
|
12688.050
|
10184.820
|
|
2] Unsecured Loans
|
4663.320
|
3445.180
|
3795.430
|
|
TOTAL BORROWING
|
20958.080
|
16133.230
|
13980.250
|
|
DEFERRED TAX LIABILITIES
|
86.500
|
124.770
|
117.410
|
|
|
|
|
|
|
TOTAL
|
40918.250
|
34790.590
|
32203.430
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6918.070
|
5663.940
|
5203.970
|
|
Capital work-in-progress
|
259.840
|
353.210
|
195.510
|
|
|
|
|
|
|
INVESTMENT
|
6347.910
|
6137.960
|
3892.030
|
|
DEFERREX TAX ASSETS
|
0.000
|
0.000
|
0.000
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
Inventories
|
2732.060
|
2446.760
|
2093.490
|
|
|
Sundry Debtors
|
19298.140
|
19463.680
|
13430.210
|
|
|
Cash & Bank Balances
|
1431.530
|
1643.620
|
1008.680
|
|
|
Other Current Assets
|
21529.500
|
16845.070
|
14292.510
|
|
|
Loans & Advances
|
9532.210
|
6605.800
|
9318.730
|
|
Total
Current Assets
|
54523.440
|
47004.930
|
40143.620
|
|
|
|
|
|
|
|
Sundry Creditors
|
17348.220
|
13966.390
|
10442.550
|
|
|
Other Current Liabilities
|
9378.430
|
9957.770
|
6352.590
|
|
|
Provisions
|
403.450
|
445.290
|
439.560
|
|
Total
Current Liabilities
|
27130.100
|
24369.450
|
17234.700
|
|
Net Current Assets
|
27393.340
|
22635.480
|
22908.920
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000
|
0.000
|
0.000
|
|
|
|
|
|
|
TOTAL
|
40918.250
|
34790.590
|
32203.430
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS
|
31.03.2011
|
31.03.2010
|
31.03.2009
|
|
|
SALES
|
|
|
|
|
|
|
Income
|
56514.510
|
54928.600
|
49804.370
|
|
|
|
Other Income
|
119.670
|
148.780
|
299.130
|
|
|
|
TOTAL (A)
|
56634.180
|
55077.380
|
50103.500
|
|
|
|
|
|
|
|
Less
|
EXPENSES
|
|
|
|
|
|
|
Construction and Manufacturing Expenses
|
47274.300
|
46280.560
|
42757.640
|
|
|
|
Administration and Other Expenses
|
4094.330
|
3329.050
|
2828.910
|
|
|
|
TOTAL (B)
|
51368.630
|
49609.610
|
45586.550
|
|
|
|
|
|
|
|
Less
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
|
5265.550
|
5467.770
|
4516.950
|
|
|
|
|
|
|
|
Less
|
FINANCIAL
EXPENSES (D)
|
2181.550
|
1636.560
|
1306.140
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
|
3084.000
|
3831.210
|
3210.810
|
|
|
|
|
|
|
|
Less/ Add
|
DEPRECIATION/
AMORTISATION (F)
|
757.810
|
54.281
|
473.050
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G)
|
2326.190
|
3776.926
|
2737.760
|
|
|
|
|
|
|
|
Less
|
TAX (H)
|
747.200
|
1663.796
|
478.070
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I)
|
1578.990
|
2113.130
|
2259.690
|
|
|
|
|
|
|
|
Add
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD
|
4129.960
|
3082.030
|
2086.880
|
|
|
|
|
|
|
|
Less
|
APPROPRIATIONS
|
|
|
|
|
|
|
Proposed Dividend
|
160.210
|
213.610
|
186.910
|
|
|
|
Corporate Dividend Tax Current Year
|
25.990
|
36.300
|
31.760
|
|
|
|
Corporate Dividend Tax Current Year
|
(3.370)
|
0.000
|
(29.130)
|
|
|
|
Transfer to General Reserve
|
400.000
|
500.000
|
600.000
|
|
|
|
Transfer to Special Reserve
|
0.000
|
0.000
|
375.000
|
|
|
|
Transfer to Debenture Redemption Reserve
|
147.210
|
315.290
|
100.000
|
|
|
BALANCE CARRIED
TO THE B/S
|
4978.910
|
4129.960
|
3082.030
|
|
|
|
|
|
|
|
|
IMPORTS
|
|
|
|
|
|
|
Capital Goods
|
55.480
|
71.180
|
173.820
|
|
|
|
Construction materials and Others
|
305.650
|
391.450
|
115.680
|
|
|
TOTAL IMPORTS
|
361.130
|
462.630
|
289.5
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.)
|
5.91
|
7.91
|
8.46
|
QUARTERLY
|
PARTICULARS
|
30.06.2011
1st
Quarter
|
30.09.2011
2nd
Quarter
|
31.12.2011
3rd
Quarter
|
|
Net Sales
|
11242.590
|
10461.160
|
12025.380
|
|
Total Expenditure
|
10386.690
|
9523.520
|
11077.450
|
|
PBIDT (Excl OI)
|
855.900
|
937.640
|
947.930
|
|
Other Income
|
48.750
|
53.260
|
9.840
|
|
Operating Profit
|
904.650
|
990.900
|
957.770
|
|
Interest
|
628.180
|
652.410
|
660.630
|
|
Exceptional Items
|
0.000
|
0.000
|
0.000
|
|
PBDT
|
276.470
|
338.490
|
297.140
|
|
Depreciation
|
227.690
|
249.700
|
228.630
|
|
Profit Before Tax
|
48.780
|
88.790
|
68.510
|
|
Tax
|
6.640
|
7.410
|
0.650
|
|
Provisions and contingencies
|
0.000
|
0.000
|
0.000
|
|
Profit After Tax
|
42.140
|
81.380
|
67.860
|
|
Extraordinary Items
|
0.000
|
0.000
|
0.000
|
|
Prior Period Expenses
|
0.000
|
0.000
|
0.000
|
|
Other Adjustments
|
0.000
|
0.000
|
0.000
|
|
Net Profit
|
42.140
|
81.380
|
67.860
|
KEY RATIOS
|
PARTICULARS
|
|
31.03.2011
|
31.03.2010
|
31.03.2009
|
|
|
(%)
|
2.79
|
3.84
|
4.51
|
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales)
|
(%)
|
4.12
|
6.88
|
5.50
|
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets}
|
(%)
|
3.79
|
7.17
|
6.04
|
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth)
|
|
0.12
|
0.20
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth)
|
|
1.71
|
1.62
|
1.24
|
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current Liability)
|
|
2.01
|
1.93
|
2.34
|
LOCAL AGENCY FURTHER INFORMATION
COMPANY OVERVIEW
The Company Subject is engaged in the business of development and
execution of engineering, procurement, construction and commissioning (EPCC),
and lump sum turn key (LSTK), facilities in various infrastructure projects
like water supply, roads and bridges, townships, and industrial structural,
power transmission etc. for central/ state government, other local bodies and
private sector in the country.
REVIEW OF
PERFORMANCE
The financial year 2010-11 is a year of moderate
growth. The company
achieved a gross turnover of
Rs.56592.400 million for the year ended
31* March, 2011 as against Rs.54950.500 million for the previous
financial year registering
an incremental turnover of Rs.1641.90 million and recording a growth
rate of 3% over the previous year.
The Earnings before
Interest, [Depreciation, Taxes
and Amortization (EBIDTA)
at Rs. 5265.550 million are 9.3%
of the Gross Turnover for the
year under review as against 9.95% for the previous financial year.
CHANGE IN THE NAME
OF COMPANY
After securing the approval of the
members of the
Company through Postal Ballot and
that of the
Central Government, the
name of the company has been changed to
"IVRCL Limited" with effect from 18th March, 2011.
FUTURE OUTLOOK
The negative effects of global recessionary conditions are
being attenuated by various countries through huge investments in
infrastructure and India
is no exception in this regard. Hence, your directors are confident that
the present environment of investments
in infrastructure by the State and Central Governments assures growth of
operations of the Company
SUBSIDIARIES
In accordance with the general circular issued by the
Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit
and Loss Account and other documents of the subsidiary companies are not being
attached with the Balance Sheet of the Company. A statement containing brief
financial details of the Company’s subsidiaries for the financial year ended
March 31, 2011 is included in the Annual Report. Shareholders who wish to have
a copy of the full report and accounts of the subsidiaries will be provided the
same on receipt of a written request from them. These documents will be put up
on the company’s web site www.ivrcl.com and will also be available for
inspection at the Registered Office of the Company on any working day during
the business hours.
HINDUSTAN
DORR-OLIVER LIMITED
For the financial
year ending 31st March 2011, the
company achieved a
turnover of Rs.9551.90 million,
an increase of 9.65% compared to previous
year. The Profit after tax has
come down from Rs.555.17 million to Rs.537.50 million. The EPS is Rs. 7.47 on Rs.2/- share. The company declared a dividend of Rs.0.80 as
per share of Rs.2/- each.
IVRCL ASSETS AND HOLDINGS LIMITED (IVRCL
A&H)
For the
financial year ending 31s1 March 2011, the company has
achieved higher turnover of Rs.6821 million as compared to Rs.1431 million in the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
In
the year 2010-11, the infrastructure industry registered a growth rate of over
8% in India. This was largely on account of the thrust on
infrastructure. GDP growth was higher for the year 2010-11 at 8.6% over
the previous fiscal
year which was at 8% and the government
of India is
committed to spend 4 to 5 percent of the GDP on infrastructure development
during this fiscal
year. The Government did live up to its promise of prioritizing on the
infrastructure industry, which the Prime Minister has referred to as the
backbone of the economy`. A record 49% of the total plan allocation towards
infrastructure development was proposed in the 11* Five Year Plan.
SEGMENT-WISE/PRODUCT-WISE PERFORMANCE
WATER
The
largest sector within the industry is Water including Sewer and Utility Lines,
which continues to grow in an ever expanding market. Being major underground utility providers for
water related projects, Their growth has largely been possible because of Their project-based organizational structure. The McKinsey report on world
urbanization forecasts that
by 2025, there would be 600 more
cities in the world and two-thirds of them
would be in
India and China.
This indicates a great thrust
for infrastructure facilities as towns and `urban areas` turn into large
cities in about 14 years from now. No doubt water-related projects will be at
the forefront of this growth. The growth in the water sector continues because of
developing pollution control facilities, conversion of existing
power plants from oil/gas
to coal, and modernization
of the existing
power plants. Orders are indeed
flowing for water and waste water industry,
and the Indian Waste Water Industry alone is estimated to
be about Rs.23 billion The
total order book of The company encompasses 48%
of water projects, 30% of roads and highways, 14% of
buildings and industrial structures and 8% of power and
other projects.
At
subject water remains the central and foremost business vertical providing
solutions for various water, desalination and sanitation needs. With a
proven history and track record of competence and credentials
in water sector, They
have embarked on reinforcing Their position and increasing
Their lead.
Some of the remarkable projects completed
in Water Sector during the year include:
*
Narmada Canal water supply packages (Package KNC
-18, 20, 22, 23)
* Distribution
Network for Package SSW A-1, A-3, A-4 and PM-4 (Hansalpur,
Dabhasar Dascroi and Godhra Group) Sujlam - Suflam Drinking
Water Supply Scheme (SSDWS) on
Design, Build and Operate Basis
* Mumbai
Water Supply Project - Construction of India`s largest
140 ML Master Balancing
Reservoir and Associated works at
Bhandup Complex for Mumbai Municipal Corporation
*
Construction, Supply and Installation of entire water distribution system,
clear water reservoir and water towers for Brandix Apparel City Private
Limited, SEZ Vizag
Some
other significant on-going projects are:
* Sripad Sagar, Stage-II, Phase-I - for
development of about 2 lakh acres of
Ayacut in Karimnagar dist., A.P. for IandCAD
*
Construction of Tunnel from Gundovali to Bhandup Complex in Mumbai (Joint
Venture)
* Replacement of Two 1800-mm dia riveted Tansa
Mains from Tansa to Tarali by one
2750-mm dia M.S. welded Pipeline from Jamboli to Chinchavali
for Municipal Corporation of Greater Mumbai (MCGM)
*
Hogenakkal Water Supply and Flurosis Mitigation Project - Package I and II for TWAD Board, Tamil Nadu
* Survey, Investigation, Design, Construction,
Testing and Commissioning of Sewerage
works in District of Allahabad for U.P. Jal Nigam
*
Construction of Intake well-cum-raw water pump house, rising mains, WTP
transmission mains to different UGRs and ESRs construction, UG reservoirs,
distribution networks for Ranchi Water Supply Project under JNNURM Scheme
* EPC
of River Water System comprising of all
Civil, Structural and Mechanical works for 2x600 MW Coal Based
Kali Sindh Thermal Power Project,
Jhalawar for Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL)
IRRIGATION
India
remains basically an agrarian economy. Over 70% of her population dwells in
villages with farming as their main source of livelihood. Despite the great
dependence on agriculture as a means of
sustenance, it is unfortunate that
even today farmers are at
the complete mercy
of the monsoons to
provide the much-needed water
for drinking, livestock
and irrigation. Eventually, in
the past two decades, 20% of the rural agricultural population has migrated to
the cities in search of livelihood.
Seized
with the urgency to alleviate this seemingly perennial water crisis, the Government
is investing substantially in
flow (canal) irrigation methods as surface water irrigation has proven to be
more dependable than ground water based
systems (such as open wells or bore wells). Water flows to demand sites by
gravity, lifting or through tunnels via ducts.
Any
excess seepage percolates clown and serves to replenish the ground water and
promote aquifer recharge. This recycling process not only makes innumerable dry
wells productive but also helps save energy by lowering pump depths. Thus,
canals are viewed as
generating benefits more
far reaching and wide
ranging than just
transportation of water.
SUBJECTcontinues to actively pursue major irrigation projects across the
country. Employing state-of-the-art technology, they strive to transform rural
lives and landscapes.
Some
of the remarkable projects completed in Irrigation Sector during the year
include:
GRAVITY CANALS:
TelugU
Ganga Project: The Project is envisaged for
creating irrigation potential to 96,000 acres of land in Kadapa District for
Govt, of AP. and comprises of Right and Left
Canals in addition to
Gundamrajupalli and Obulum
Branch Canals.
Indira
Sagar Project - Phase III: This project is under Narmada Valley Development
Authority, Madhya Pradesh and aims at creating irrigation potential of 20,600
Ha. The alignment of the main canal of this project runs through most
vulnerable terrain comprising of deep valleys and tall hills. Hence there are
major aqueducts covering the valleys and tunnels for negotiating the hills. In
the first reach, the canal alignment passes over the hills.
LIFT IRRIGATION SYSTEMS:
Hanclri Neeva Sujala Sravanti (HNSS) Stage I and II:
This is a 2-stage Lift scheme meant for providing water
in the draught prone areas of Kurnool
and Anantapur Districts of AP lifting
1090.20 cumecs of water in 9 stages. These projects are nearing completion
and commissioning.
PA
DA IS. II: PADA LI 01 and 02 packages to provide PILOT micro irrigation
facilities in the district of Kadapa,
A.P. Stage-I comprises lifting 8.3 TMC
of water in 45 days from Gandikota Reservoir and
storing in a new
storage
reservoir No. 1 of 0.30 TMC capacity to serve the irrigation to the extent of 3,500 acres of land. In stage-ll, the
basic components of work are
lifting 8.1 TMC of water in 45
days from Storage Reservoir No.1 and storing
in a new storage reservoir No.2 of 0.31 TMC capacity to serve the irrigation to the extent of 5,000 acres of land. Apart
from providing drinking water
facilities to 119 villages, this
project envisages to provide
irrigation facilities to an extent of 36,500 hectares by pipeline network in the
distributaries system. The total length of
the different pipeline network under the distribution system is
about 475 km. SUBJECT was awarded an incentive for the early completion of this
milestone project in February 2010.
Thotapally Lift
Irrigation Project: This project is
a crucial lift project and will be instrumental in
raising the irrigation potential in the area
to an extent
of 2,20,000 acres in the district of
Karimnagar and Warangal of A.P. The project envisages lifting of 32
cusecs for a static head of 97 m. To lift 20 TMC of water three 15-MW capacity
pumps and motors are being installed. The other project components comprise an
approach canal, a tunnel of 5-media. Running 11 km, surge pool and 100-m deep
pump.
DAMS AND RESERVOIRS:
Lower Goi Dam Project: The Lower Goi Project is located
in the tribal areas of District Barwani of Madhya Pradesh State. The Project scope includes construction of a
gravity dam with earthen bunds on both side and concrete NOF and OF sections,
having maximum height of 42 m in the gorge portion and spanning to a total
length of 2,260 m. The central portion will be sufficient enough to allow a
smooth discharge of 12026 cusecs of flood water. This dam is designed with 9
noses of hydraulically operated gates of 12
m x 12 m. The project also envisages the
development of irrigation potential of 13,260 ha. of ayacut through its right
canal.
TUNNELS
Subject
took up the challenging project of constructing seven B.C. Single-line tunnels running to 664 meters and
involving tunneling in all kinds of terrain and strata, including benching,
short-creting and lining as well as a 42-km approach road to the tunnels
This
is Subject first foray into tunnel construction and also its
first project in the state of Jammu
and Kashmir.
The award
of Gandikota lift Irrigation Project,
one of the
biggest irrigation projects in
Andhra Pradesh, testifies
Subject exemplary expertise and reputation in irrigation works.
Undertaken
on a turnkey basis, these projects situated in various districts of the state,
bring relief and hope to thousands of farmers and their families by providing
water to the thousands of hectares of thirsty land.
To
fill-up Koilsagar, a lift irrigation scheme, about 3.9 TMC of water from the
foreshore of Priyadarshini Jurala Project was lifted to a total height of 120
meters. The work involved 40 km of Canal excavation and tunnels of 4.0
meters dia. Stretching over 12.1 km. Four heavy duty
pumps with a capacity of 7.5 MW were installed to irrigate the large tracks of
ayacut.
Bhilangana
Project, Their debut venture in Hydro-Power saw construction of an
underground tunnel that
passed through almost
70% of the
difficult Himalayan rock strata and had to be supported by steel
rids. The entire tunnel was concrete
lined to a thickness of 225 mm.
BUILDINGS and INDUSTRIAL STRUCTURES
A
nation develops, so does its need for urban infrastructure. The story in India is no different. At Subject
They have taken path-breaking strides in Their Buildings and Industrial
Structures Division. They continue to live up to Their exemplary stature of
executing world-class buildings and
industrial structure projects across the country. Building activity is
witnessing an unprecedented boom. And riding the crest of this wave is IVRCL.
The
diversification in this sector comprises of residential, commercial and non-residential, institutional healthcare, industrial Infrastructure and SEZ and IT parks.
Major
works completed by the Company during the year are:
* Civil
and Structural works offsite and
utilities for Guru
Gobind Singh Refinery Project at
Bathinda (Punjab) for HPCL -Mittal Energy
Limited
*
Construction of Seawoods Estate Phase-II, Part-II Housing at Nerul, Navi Mumbai for CIDCO
* Construction
of Research Buildings Complex for
IGCARL (Part-I) at Pulivendula, Kadapa District for Andhra Pradesh
Industrial Infrastructure Corporation
Limited (APIICL)
*
Construction of Traffic and Transit
Management Center
(TTMC) under JNNURM Scheme - Package-4, Yeshwanthpur for Bangalore Metropolitan
Transport Corporation (BMTC)
Among
the major residential, institutional and technical building projects awarded to
the company and currently under execution are:
*
Complete External Coal Handling System (ECHS) for Gujarat for Coastal Gujarat
Power Limited (CGPL) at Mundra Port, Gujarat
*
Complete Coal Handling Plant package for Super Thermal Power Project, Stage -
III (2x500 MW) at NTPC - Rihand
*
Construction of CIDCO Exhibition Centre including Civil, Interior and Site
Development works at Vashi, Navi Mumbai
*
Civil and Structural for Coke Drum Area of Coker Unit of Paradip Refinery Project in Orissa for IOCL
*
Construction of fTheir elevated Metro Stations for Bangalore Metro Rail
Corporation Limited (BMRCL)
* Construction
of 285 towers housing 4513 flats with a built up area
of about 4,00,000 sft
spread in 67
acres in the
heart of Hyderabad, Chitrapuri, for
A.P. Cine Workers Co-operative
Housing Society Limited (APCWCHSL)
POWER
Power
has become vital for day-to-day activities as well as for industrial development.
From everyday chores at home to driving complex mechanical and
technological systems in
industrial operations, from small
houses in villages to posh residential complexes in metros, from
agricultural farms to highly sophisticated and versatileindustries
- the need for power has been ever
rising.
Unfortunately in India, the benefits of electrification are
yet to
reach the rural areas
despite substantial planning
and execution by
the government. There are
villages that are still groping in the dark, searching for that elusive first
step towards progress, where life comes to a standstill at dusk.
One
of the Government`s foremost objectives for the 11"` five year plan
(2007-12) is to provide power to all by 2012. The government has planned a
capacity addition of 68,869 MW during the 11"` plan period. The estimated
funds required for creating such an enormous infrastructure amounts to $500
billion. This challenge is undoubtedly daunting but rapid progress has been
made. For a country expected to grow 8-10% in GDP for the next two decades, its
power generation would have to increase to 7,80,000 MW from the current
1,20,000 MW.
To
harness this immense opportunity in power transmission and distribution,
SUBJECT is geared to continue executing landmark projects in cross
country transmission lines, substations, distribution systems and
railway traction works. SUBJECT is
steadily emerging as a leading player
in this sphere, undertaking ambitious projects that promise to brighten
the lives of Their people and empower the nation.
Transmission Line
Tower (TLT) Factory
A
fabrication and Galvanization Unit Butibori, Nagpur
Certified by
International Standards
Certification Limited, (ISC)
for Integrated Management Systems
(IMS) the unit has a manufacturing
capacity of 24,000 MT per
annum. The product range includes Micro-Wave
Towers, Structures for AC
traction (OHE), Substation Structures (Lattice and Pipe), and Structures for
Rural Electrification. An ISO 9001: 2000 -company, the factory
has stringent norms in place for Quality Assurance and
harnesses highly versatile test
equipments to carry
out tests as
per ISI/International standards. The product line is under expansion to
include fasteners and cables.
The
Company has completed the following remarkable projects in this sector:
* Package-A
of Madurai - Trichy 400 KV D/C Line at
Karaikudi associated with System
Strengthening - VII in Southern
Region for Power
Grid
Corporation
of India Ltd. (PGCIL)
*
25 KV AC, Single Phase, 50Hz in Trichur - Guruvayur section (Turnkey) of Southern
Railway for Central Organization for
Railway Electrification, Allahabad
*
Supply, erection and commissioning of 132 KV D/C Sewa
-
II, Hiranagar Transmission Line package in Jammu and Kashmir for PGCIL
Some
of the on-going projects in the Power Division during the year are:
* Detailed
Engineering, Manufacturing, Supply,
Erection, Testing and Commissioning of Pump - Turbine,
Generator - Motor and Associated
Equipments for Koyna Left Bank Power Station (2x40 MW)
*
Tower Package A2 - A3 under Transmission System Associated with Pallatana
GBPP and Bongaigaon TPS in North Eastern
Region for i) 400 KV D/C Silchar -
Melhrihat (New), Silchar-Imphal Transmission line and 132 KV D/C and
S/C Loktak-lmphal, Melhrihat (new) - Melhrihat, Silchar-Sirikona, Silchar
- Hailkandi (Mizoram) Interconnecting Transmission Line, including
river-crossing towers for PGCIL
* 400 KV
D/C Quad Line for Northern Region
Strengthening Scheme (NRSS) Bhiwandi (150 kms)
* Tower
Package (Package - A1) for 765 KV (2nd
Circut) S/C Seoni
- Nandanwadi Transmission Line,
associated with Western
Region System Strengthening Scheme
- II for PGCIL
DESIGN DEPARTMENT
Their
in-house Design Division has always played a crucial role in enhancing their
engineering capabilities and efficiencies. The growing division has in recent
times expanded its activities and entered NPCIL through Plant Water System
Package.
Regeneration
of lakes, underground mining and geo-composite earthen bund are the new arenas
that the design team is enthusiastically undertaking more recently.
MECHANICAL DEPARTMENT
The
upkeep, maintenance, repairs, dismantling, shifting and erection are the main
functions of Their Mechanical Division. They track the production of each of
Their construction and engineering equipment like Hot Mix Plants, Crushing Plant, Batching Plant,
Excavators, Loaders, Dozers, Graders,
Soil Compactors, Backhoes, Tippers,
Transit Mixers, Concrete Pumps,
Tandem Rollers and Pneumatic Rollers.
The
Mechanical Division deploys 750 trained employees.
Two zonal
workshops, one at Patancheru near Hyderabad
and the
other at Indore
look after refurbishing activity. Also underway are
two mobile workshops which
will move to each zone to carry
out refurbishing and repairs.
OUTLOOK
The
company has continued to display a remarkable acumen and success in bagging
projects in a cross-section of segments. While The Company is making further
inroads into emerging sectors it has maintained its good track record in
executing water and irrigation projects. Excellent project execution and
revenue generation have always been their key focus areas and they are glad
that their strengths persist in these areas.
The
company`s continued foray into emerging
lines of business such
as mining, hydropower, oil
and gas/ tankages, coal
handling systems, and railways hold the key to future growth.
ASSETS and HOLDINGS LIMITED (SUBJECTAandH)
SUBJECT AandH,
promoted by SUBJECT ,
is one of
India`s largest infrastructure
assets developers with diverse sectors like highways, water and environment, urban infrastructure,
oil and gas and housing. This amounts to
a total of Rs.1,10,000 million (economic share) of assets.
SUBJECTAandH
has an array of end-to-end capabilities in project management and service offerings
across the value chain ranging from conceptualization to commissioning. These
include:
*
5 operational projects:
*
Salem Tollways
(53.53 km)
*
Kumarapalayam Tollways (48.51 km) Jalandhar Amritsar Tollways (49.00 km)
*
CWDL-100 MLD Seawater desalination plant, Minjur, Chennai
*
First STP Allandur Muncipality
*
7 ongoing projects:
*
Baramati Phaltan (77.90 km)
*
Indore Gujarat
(155.15 km) and
*
Chengapalli Walayar (54.76 km)
*
Sion Panvel (25 km)
*
Multi-level car parking 610 ECS, Chennai
*
Mass Housing in Sri Lanka,
4100 houses
*
Tankages 1.4 million liters FOCUS ON OVERSEAS
In Sri
Lanka, SUBJECT is proud
to be a part
of their new
progress initiatives. About 4400 dwellings are under construction for
relocation of underserved settlements in the capital city of Colombo, in the first phase, through their
subsidiary SUBJECT A and H. This is initiated by the Sri Lankan Government
through their Urban Development Authority (UDA). This is indeed a unique
mass-housing project.
In
Nepal,
SUBJECT is involved in the constructing the 32-MW Rahughat Hydroelectric Station.
The site is located along the Pokhara Baghlung highway, about 334 KM
west of Katmandu.
Oil
and Gas/Tankage Project, Paradeep, Orissa
Their Tankage project involving installation,
operation and maintenance of crude
and finished product for Indian
Oil Corporation Limited, Paradeep Refinery Project,
Orissa, on BOOT basis, is a
landmark project, adding prequalification to
Their portfolio. They have partnered with IOTL and
OTG, Germany
for this project.
Ratings agency
Fitch has said that India`s surplus in
refining capacity will continue
with the commissioning of new facilities in 2011 and beyond.
Entailing an
investment of USS
13.33-14.44 billion, India`s
petroleum refining capacities are expected to rise to 240 MTPA by March
2012 from the current 188 MTPA.
The capacity addition would facilitate
a boost in country`s exports of petroleum products.
Following are the major projects executed by
SUBJECTAandH that are likely to get
commissioned within 2011-12:
* Guru Gobind Singh Refinery Project, which
will be commissioned by HPCL-Mittal
Energy by September 2011. HPCL-Mittal Energy is a company set up in joint
venture between Hindustan Petroleum and Mittal Energy
investments. The project on completion is expected to add a capacity of
90 million tonnes.
* Paradip Refinery Project at Paradip (Orissa)
for Indian Oil Corporation Limited (IOCL), on BOOT basis which is one amongst
the milestone projects of SUBJECT. IOCL is expected to commission its
green field Paradip refinery by mid-2012. The project will add a refinery
capacity of 150 lakh tonnes per annum.
Aavisa
Situated an hour from Chennai, the project, which
consists of a township and a 18-hole international standard
golf-course in the first phase, has a
vast 700 acres to live, learn and play,
in a surrounding of 740 acres of natural ponds and lakes. It also has
80,000 trees of various species, over
two lakhs plants, 235 acres of green-space and 30kms of roads.
HINDUSTAN DORR-OLIVER
Hindustan
Dorr-Oliver (HDO) is a leading LSTK (Lump Sum TurnKey) company in India offering world-class engineering
solutions, technologies and solutions to meet industrial
requirements. It has exhibited impressive growth in mining, mineral processing,
pulp and paper and environmental infrastructure projects.
India
is now emerging as a global design and engineering hub for diverse industrial sectors.
In addition to EPC projects
and equipment
manufacturing, HDO is
also focusing on
providing detailed design engineering to
global customers through
its Knowledge Processing Outsourcing (KPO) vertical.
DAVYMARKHAM LIMITED, U.K.
Sheffield
is a city and a metropolitan borough of South Yorkshire, England, United Kingdom.
It is in this industrial city that the engineering design and manufacturing
specialist, DavyMarkham has its unit in a 20-acre site witli 1, 75,000 sft of
manufacturing area.
DavyMarkham is a subsidiary of Hindustan Dorr-Oliver,
which in turn is a subsidiary of SUBJECT.
DavyMarkham
is a 180-year old company engaged in manufacturing, fabrication and machining of heavy and complex engineering
components and assemblies. The company
caters to mining and tunneling, civil construction, steel and metal processing,
water control, storage and barrier solutions, power generation and renewable
energy and nuclear storage and movement.
DavyMarkham
has a turnover of 20 million per annum and employs 200 full-time staff.
In a
remarkable recent development,
DavyMarkham has secured an
impact contract for the supply of two heavy-duty mining hoists to
Volcan Compania
Minera
of Peru, which will be designed for an estimated production rate of 4000 tons per day from depths down to 970
metres! The value of this work is $5.4 million.
ALKOR
PETROO LIMITED
Alkor Petroo Limited (Alkor) is a subsidiary of
SUBJECT engaged in Oil
and Gas Exploration and Production. It works in association with
Gujarat State Petroleum Corporation limited (GSPCL) and two other
partners.
Alkor has five exploration blocks along with GSPCL
and others, of which, three
blocks with participating
interest of 25% each in the
Republic of Yemen and
two blocks with participating
interest of 20% each
in Arab Republic of Egypt.
CONTINGENT
LIABILITY
Rs in Millions
|
Particulars
|
31.03.2011
|
31.03.2010
|
|
Bank Guarantee/ Letters of credit issued by the
bank on behalf of the company
|
40459.230
|
32283.700
|
|
Corporate guarantee issued by the company on
behalf of its subsidiaries
|
6587.500
|
5055.000
|
|
Claims against the company not acknowledge
as debts
|
474.070
|
563.920
|
|
Income tax demand under appeal
|
28.220
|
28.220
|
|
Disputed value added tax services tax
|
3303.920
|
1738.940
|
FIXED ASSETS
- Land Freehold
- Land Leasehold
- Building
- Plant and Machinery
- Motor Vehicle
- Furniture
- Office Equipment
- Computer
PRESS RELEASE
IVRCL to restructure business, focus less on
realty segment
Board
approves move; consultants will be roped in soon
V.
Rishi Kumar
Hyderabad, Oct. 31:
IVRCL
Limited the Hyderabad-based infrastructure company has embarked on a major restructure
of its business, which entails amalgamation of IVRCL Assets and Holdings
Limited, with the parent and demerger of the real estate business by setting up
a new company. Effectively, this will put the clock back and make it a single
entity-IVRCL Limited.
The
Chief Financial Officer of IVRCL, Mr R. Balaram Reddy, told Business Line, “The
board of directors of both the companies today approved this move and we now
will engage consultants for follow up action. This could mean appointment of
valuers, legal consultants, merchant bankers for deciding swap ratio and other
aspects for the process.”
“Then
the matter would be taken up for regulatory clearances and shareholders nod. We
will then have to convene an EGM after securing necessary nod from High Court
of Andhra Pradesh. The entire process may take about five months, that is close
before the fiscal end,” he explained.
This
would facilitate demerger of the real estate activity into a subsidiary
company. “About two years ago, we decided to defocus on real estate business.
Barring a major 700-acre golf curse project in Chennai now underway, we are not
taking up real estate projects. We have a land bank of 2000 acres, whose value
could be unlocked,” Mr Reddy said.
The
CFO said, “Initially we had demerged IVRCL with IVRCL AandH to lay focus on BOT
projects and to address finance issues. But the situation is different now. The
funding is being handled through special purpose vehicles. Therefore, we
believe there is no need for separate entity. Further, the company had decided
to stay away from real estate and had since defocused on it.”
“We
plan to hive off all land assets to an unlisted company. Once we unlock its
value, the benefits would be brought back to the parent, he said.
IVRCL
bags orders worth Rs 9720.000 Millions
V.
Rishi Kumar
Hyderabad, Oct 31:
IVRCL
Limited (IVRCL) has announced that it has bagged orders worth Rs 972.07 crore
through the transportation and mining divisions of the company.
The
transportation division has secured aggregate orders worth Rs 917.80 crore,
including “Construction of Tunnel T-74R (between Km 125 and 134) on
Dharam-Qazigund Section of Udhampur-Srinagar-Baramulla new BG railway line
project (package T-74R)” awarded to IVRCL joint venture by IRCON International
Limited, New Delhi.
The
project is to be executed in 36 months. The scope of the project includes
construction of main tunnel-8,600 m long and related facilities, including
pedestrian crossings, escape tunnel.
This
Northern Railway project seeks to connect Jammu and Kashmir with main land through
rail link and is passing through PirPanjal Range of Himalayas. This project is
the first package in the new alignment fixed deeper inside the mountain giving
a rock over burden of more than 1 km above the tunnel.
IRCON
has adopted NATM (New AstrianTunnelling Method) for this package. NATM
integrates the principles of behaviour of rock masses under load. This has been
referred to as a “Design as you go” approach by providing an optimized support
based on observed convergence and divergence in the lining as well as mapping
of prevailing rock conditions.
The
other project entails “Construction of roadbed, major and minor bridges and
track linking in Abu Road-Sarotra Road (24.35 km) in Ajmer Division of North
Western Railway in Rajasthan and Gujarat State, India” awarded by Rail Vikas
Nigam Limited.
The
company also secured an order for “Construction of roadbed, major and minor
bridges and track linking in Sarotra Road-Palanpur Section (25.75 km) in Ajmer
Division of North Western Railway in Gujarat State, India” awarded by Rail
Vikas Nigam Limited.
9 banks to fund IVRCL Assets
Rs17060.000 millions project
BS
Reporter / Chennai/ Hyderabad
May 11, 2011, 0:40 IST
IVRCL
Assets and Holdings Limited, a subsidiary of Hyderabad-based IVRCL
Infrastructures and Projects Limited, on Tuesday said that nine banks and
Indian Infrastructure Finance Company Limited (IIFCL) had given financial
commitment to the recently-awarded Sion-Panvel project. The debt facility has
been oversubscribed by 1.53 times. The project has been appraised by IDFC and
SBI Caps.
The
project for improvement of special state highway from BARC Junction to
Kalamboli junction in Mumbai is estimated to cost Rs17056.700 millions and the
proposes to fund the project through senior debt of Rs 12990.000 millions and
the rest through sponsor equity, optionally convertible debentures (OCD),
compulsory convertible debentures (CCD) and internal accruals.
In
the international competitive bidding floated by the Maharashtra
government, the consortium of IVRCL Limited and Kakade Infrastructure Private
Limited has been awarded the project. IVRCL through its asset-holding
subsidiary IVRCL Assets and KIPL, incorporated Sion Panvel Tollways Private
Limited (SPTPL), a special purpose vehicle for implementing the project.
SPTPL
has executed the concession agreement with Maharashtra
for a concession period of 17 years and 5 months, which is inclusive of the
construction period, the company said in a press release on Tuesday.
The
project consists of widening of existing and new major and minor creek bridges,
five flyovers, 2 vehicular and 17 pedestrian underpasses, and 10 foot
over-bridges. A toll plaza is to be set up at Kamothe after the end of the
flyover near Taloja junction with 15+15 lanes for collecting toll, it added.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts, India
Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or any
of its beneficial owners, controlling shareholders or senior officers as
terrorist or terrorist organization or whom notice had been received that all
financial transactions involving their assets have been blocked or convicted,
found guilty or against whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No records exist
to suggest that subject is or was the subject of any formal or informal
allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No
press reports / filings exists on the subject.
MIRA INFORM as
part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment
focuses principally on the interactions between a company’s management, its
Board of Directors, Shareholders and other financial stakeholders.
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
|
Currency
|
Unit
|
Indian Rupees
|
|
US Dollar
|
1
|
Rs.50.12
|
|
UK Pound
|
1
|
Rs.79.37
|
|
Euro
|
1
|
Rs.66.00
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS
|
RANGE
|
POINTS
|
|
HISTORY
|
1~10
|
7
|
|
PAID-UP CAPITAL
|
1~10
|
6
|
|
OPERATING SCALE
|
1~10
|
6
|
|
FINANCIAL CONDITION
|
|
|
|
--BUSINESS SCALE
|
1~10
|
7
|
|
--PROFITABILIRY
|
1~10
|
6
|
|
--LIQUIDITY
|
1~10
|
7
|
|
--LEVERAGE
|
1~10
|
7
|
|
--RESERVES
|
1~10
|
7
|
|
--CREDIT LINES
|
1~10
|
7
|
|
--MARGINS
|
-5~5
|
--
|
|
DEMERIT POINTS
|
|
|
|
--BANK CHARGES
|
YES/NO
|
YES
|
|
--LITIGATION
|
YES/NO
|
NO
|
|
--OTHER ADVERSE INFORMATION
|
YES/NO
|
NO
|
|
MERIT POINTS
|
|
|
|
--SOLE DISTRIBUTORSHIP
|
YES/NO
|
NO
|
|
--EXPORT ACTIVITIES
|
YES/NO
|
NO
|
|
--AFFILIATION
|
YES/NO
|
YES
|
|
--LISTED
|
YES/NO
|
YES
|
|
--OTHER MERIT FACTORS
|
YES/NO
|
YES
|
|
TOTAL
|
|
60
|
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
|
RATING
|
STATUS
|
PROPOSED CREDIT LINE
|
|
>86
|
Aaa
|
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums
|
Unlimited
|
|
71-85
|
Aa
|
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums
|
Large
|
|
56-70
|
A
|
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums
|
Fairly Large
|
|
41-55
|
Ba
|
Overall operation is considered normal. Capable to meet normal
commitments.
|
Satisfactory
|
|
26-40
|
B
|
Capability to overcome financial difficulties seems comparatively
below average.
|
Small
|
|
11-25
|
Ca
|
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity
|
Limited with
full security
|
|
<10
|
C
|
Absolute credit risk exists. Caution needed to be exercised
|
Credit not
recommended
|
|
-
|
NB
|
New Business
|
-
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
|
|